Latest news with #Mynt
Straits Times
a day ago
- Business
- Straits Times
Ph government, top fintech firm team up to accelerate digital shift of transport sector
MANILA, Philippines, Aug. 13, 2025 /PRNewswire/ -- The Philippine government has partnered with the country's leading e-wallet in line with its agenda to modernize the local transportation sector with world-class payment solutions. Philippine Transportation Secretary Vince Dizon, in partnership with other government agencies and private sector groups like leading fintech player GCash, leads the launch of the first open-loop ticketing system in one of the main railways of the country's capital, Metro Manila. The Department of Transportation (DOTr), the country's central bank, Bangko Sentral ng Pilipinas (BSP), the Department of Information and Communications Technology (DICT), and leading local fintech giant GCash have launched world-class cashless solutions in Metro Manila's main rail line, the Metro Rail Transit System Line 3 (MRT-3). This initiative positions the Philippines in the same category as its Southeast Asian neighbors, such as Singapore, which have implemented open-loop ticketing systems, which reduces friction for commuters, allowing them to use various cashless modes of payment. The newly launched Automated Fare Collection System enables faster, easier journeys for MRT-3 passengers via a tap-in and tap-out method through multiple modes of payment: QR, mobile NFC, and debit/credit cards. "This is just the beginning. We're working on this to make all turnstile carousels [equipped] with this option for various payment modes," said Transport Secretary Vince Dizon, adding the digital payment solutions will soon be available in other rail lines — the Light Rail Transit Lines 1 and 2, and other mass transport systems. "One of our core mandates is to make payments safer, secure, efficient, reliable, and more accessible to all. Today, those two goals come together," said Walter Wassmer, member of the central bank's Monetary Board. To help ensure the success of this initiative, DICT Secretary Henry Aguda said they have been working to enhance internet connectivity at MRT-3, allowing commuters to access the GCash app whenever. "We're so proud and excited to finally launch this service in partnership with the government," said Martha Sazon, President & CEO of Mynt, the holding company of GCash. "Before, people would line up as early as 4:30 am just to buy a ticket. I hope that with this project, we can help them make their commute faster and more convenient." About GCash GCash is the Philippines' #1 Finance Super App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. Its mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only $5 billion unicorn in the Philippines. GCash is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
Korea Herald
3 days ago
- Business
- Korea Herald
Ph government, top fintech firm team up to accelerate digital shift of transport sector
MANILA, Philippines, Aug. 13, 2025 /PRNewswire/ -- The Philippine government has partnered with the country's leading e-wallet in line with its agenda to modernize the local transportation sector with world-class payment solutions. The Department of Transportation (DOTr), the country's central bank, Bangko Sentral ng Pilipinas (BSP), the Department of Information and Communications Technology (DICT), and leading local fintech giant GCash have launched world-class cashless solutions in Metro Manila's main rail line, the Metro Rail Transit System Line 3 (MRT-3). This initiative positions the Philippines in the same category as its Southeast Asian neighbors, such as Singapore, which have implemented open-loop ticketing systems, which reduces friction for commuters, allowing them to use various cashless modes of payment. The newly launched Automated Fare Collection System enables faster, easier journeys for MRT-3 passengers via a tap-in and tap-out method through multiple modes of payment: QR, mobile NFC, and debit/credit cards. "This is just the beginning. We're working on this to make all turnstile carousels [equipped] with this option for various payment modes," said Transport Secretary Vince Dizon, adding the digital payment solutions will soon be available in other rail lines — the Light Rail Transit Lines 1 and 2, and other mass transport systems. "One of our core mandates is to make payments safer, secure, efficient, reliable, and more accessible to all. Today, those two goals come together," said Walter Wassmer, member of the central bank's Monetary Board. To help ensure the success of this initiative, DICT Secretary Henry Aguda said they have been working to enhance internet connectivity at MRT-3, allowing commuters to access the GCash app whenever. "We're so proud and excited to finally launch this service in partnership with the government," said Martha Sazon, President & CEO of Mynt, the holding company of GCash. "Before, people would line up as early as 4:30 am just to buy a ticket. I hope that with this project, we can help them make their commute faster and more convenient." About GCash GCash is the Philippines' #1 Finance Super App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. Its mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only $5 billion unicorn in the Philippines. GCash is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
Bloomberg
06-08-2025
- Business
- Bloomberg
Telecom Giant Globe's Profit From GCash Doubles as Mobile Payment Arm Eyes IPO
Globe Telecom Inc. said more than a quarter of its profit before tax now comes from fintech arm Mynt, the parent of top Philippine mobile-payment service provider GCash. Globe's share in the equity earnings of Mynt or Globe Fintech Innovations Inc. rose to 3.8 billion pesos ($66 million) in the first half, up 78% from a year. It now makes up 26% of Globe's pre-tax net income, more than double the 12% contribution it made a year ago, Globe said in a statement.
Finextra
22-07-2025
- Business
- Finextra
Nordea taps Mynt to roll out an expanse management system for SMEs across the Nordics
Swedish fintech Mynt has been selected by Nordea, the largest bank in the Nodics, to launch a business credit card and spend management service for small and medium-sized enterprises (SMEs) across Sweden, Norway, Denmark and Finland. 0 Set to go live in 2026, the partnership combines Mynt's modern spend management infrastructure with Nordea's pan-Nordic platform to deliver a white-labelled digital toolset for SMEs across the Nordics. The offering will encompass an all-in-one business card and expense management product, equipped with automated receipt handling, real-time spend controls, ERP integrations, and full accounting automation. The new solution will cover the full lifecycle of business spend - from onboarding and KYC/AML compliance to live reporting and seamless exports to accounting software. Prior to automation, processing a single expense report could take anywhere from 20 to 45 minutes across entry, correction and approval. With Mynt's technology, the same task takes just 30 to 120 seconds, according to the company's own estimates - a 95% reduction in admin time. Baltsar Sahlin, Mynt CEO and co-founder, comments: 'By embedding Mynt's spend management platform directly into Nordeas offerings, we are reshaping how banks support business customers across Europe. Together we are facilitating an efficient, modern and accessible financial solution for SMEs. One that saves time, reduces admin and allows them to do what they do best: grow and deliver for their consumers.' For Mynt, the partnership marks its first major bank integration and a key step in its broader European expansion. It also follows a recent €22 million Series B funding round led by Vor Capital, with participation from Visa.
Forbes
22-04-2025
- Business
- Forbes
Fintech Unicorn GCash May Delay Philippines' Biggest IPO If US-China Trade War Escalates
A customer pays with GCash in Manila, the Philippines, Nov. 11, 2017. Mynt—operator of the Philippines' most popular e-wallet GCash and backed by the billionaire Zobel de Ayala family—may defer its IPO should the intensifying trade war between the U.S. and China escalate and continue to roil markets. The GCash operator is owned 36% by Globe Telecom, a joint venture between Singapore Telecom and Ayala Corp, which is owned by billionaire Jaime Zobel de Ayala and his family. Mynt's other investors include the Philippine conglomerate's AC Ventures, China's Ant Financial and Japan's MUFG Bank. Globe Telecom and Mynt are working to make the fintech 'push-button ready' to hold an IPO once market conditions improve, Carl Cruz, the newly appointed CEO of Philippine mobile carrier. 'All the requirements are being prepared so that when the right time comes the IPO is going to happen,' Cruz told Forbes Asia on the sidelines of his maiden media briefing as Globe Telecom CEO. 'It has to be the best possible condition for the IPO to happen. If market conditions deteriorate then we will have to take a position.' Mynt's IPO, which is anticipated by some analysts to raise between $1 billion and $1.5 billion later this year, will be the biggest maiden share sale in the Philippines since the 2021 listing of Monde Nissin, which raised $1 billion. GCash has been contributing positively to Global Telecom with the phone company's share of Mynt's earnings in 2024 reaching 3.8 billion pesos, up from 2.4 billion pesos in 2023 and 808.3 million pesos in 2022. Globe Telecom reported 21.5 billion pesos in core net income last year. Mynt in August received $800 million from AC Ventures and MUFG Bank, valuing the fintech company at $5 billion, making it the most valuable Philippine unicorn. GCash is used by eight out of 10 Filipinos, according to Globe. The platform has over six million merchants with services ranging from payments, lending, insurance and investments. Ayala Corp. is the country's oldest conglomerate that was started by the grandfather of Jaime Zobel de Ayala, the family patriarch, in 1834 as a distillery. Today, the Manila-listed company has expanded into banking, energy, utilities and real estate. With a net worth of $2.6 billion, the family is among the richest in the Philippines.
